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On 19th December 2024, the 42nd IFSCA Authority Board meeting approved the review of the IFSCA (Fund Management) Regulations, 2022. The regulations aim to enhance the ease of doing business and safeguard investor interests.
Key changes include:
1. Non-Retail Schemes: Reduction of the minimum corpus from USD 5 million to USD 3 million, new conditions for FMEs’ contribution (up to 100% along with conditions), and provisions for joint investments.
2. Manpower Requirements: Dispensing with the prior approval for appointing Key Managerial Personnel (KMPs), along with new requirements for FMEs managing over USD 1 billion AUM.
3. Registered FME (Retail) and Retail Schemes: Adjustments to criteria for retail schemes, including reduced corpus requirements and provisions for listing schemes.
4. Custodianship: Requirement for IFSCA-registered custodians for certain schemes and an exemption for Fund of Funds (FoF) schemes.
5. Additional changes to the valuation of assets, portfolio management services, and regulatory criteria aimed at enhancing the Fund Management industry in the International Financial Services Centres (IFSC).
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